Words of Wisdom:

"my aim is getting better every day" - Gautam

Acct 553 Final Exam

  • Date Submitted: 12/16/2015 03:24 AM
  • Flesch-Kincaid Score: 63.3 
  • Words: 1643
  • Essay Grade: no grades
  • Report this Essay
ACCT 553 Final Exam

IF You Want To Purchase A+   Work then Click The Link Below For Instant Down Load
IF You Face Any Problem Then E Mail Us At   JOHNMATE1122@GMAIL.COM
1. (TCO E) Interest, dividends, and annuities income are classified as _____. (Points : 5)
active income
passive income
portfolio income
None of the above
2. (TCO D) Tom Tanner traded in a printing press with an adjusted basis of $20,000 for a smaller press valued at $12,000. In addition to the smaller press, Tom received $3,000 in cash and was relieved of the existing liability of $5,000 on the old press. What is Tom's recognized gain? (Points : 5)
3. (TCO H) Bob and Susan file a joint return for the 2010 tax year. Their adjusted gross income is $80,000. They had a net investment income of $9,000. In 2010, they had the following interest expenses.
Personal credit card interest: $5,000
Home mortgage interest: $10,000
Investment interest (on loans used to buy stocks): $10,000
What is the interest deduction for Bob and Susan for the 2010 tax year? (Points : 5)
4. (TCO B) Bob and Cindy Smith paid the following medical expenses during the year (all in excess of reimbursement).
Hospital and doctor bills: $800
Medicine and drugs: $700
Hospitalization insurance premiums: $6,000
Medicine and drugs (for dependent mother, age 71): $1,000
Assuming that the Smiths' adjusted gross income was $60,000, how much of a medical expense deduction may Bob and Cindy claim on their joint return? (Points : 5)
5. (TCO A) ***** *****, a cash-basis, calendar-year taxpayer, paid the following during the year.
Social security tax (withheld from wages): $4,500
Real estate taxes: $3,200
State incometax: $3,400
Special assessment for installation of sidewalks: $1,140
Penalty on tax underpayment: $300
Flat fee for automobile...


Express your owns thoughts and ideas on this essay by writing a grade and/or critique.

  1. No comments